Exhibit 11


            UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

                     COMPUTATION OF EARNINGS PER SHARE

            (In Thousands, Except Share and Per Share Amounts)
                                (Unaudited)
                                                          Six Months    
                                                         Ended June 30,    
                                                      1998          1997   
Average number of shares outstanding ..........      245,980        245,581

Average shares issuable on exercise of stock
  options less shares repurchasable from 
  proceeds.....................................       12,527          2,273
                                                   ---------       --------
Total average number of common and common
  equivalent shares............................      258,507        247,854 
                                                   =========       ======== 

Income (Loss)from Continuing Operations .......     (222,705)       348,386 

Loss from Discontinued Operations .............     (258,363)        (4,600) 
                                                   ---------       --------
Net Income (Loss)..............................    $(481,068)      $343,786 
                                                   =========       ======== 


Earnings Per Share:

Basic:
  Income (Loss) from Continuing Operations.....      $  (.91)     $   1.42 
  Loss from Discontinued Operations............        (1.05)         (.02)
                                                     -------      --------
  Net Income (Loss)............................      $ (1.96)     $   1.40 
                                                                           
Diluted:
  Income (Loss) from Continuing Operations.....      $  (.91)     $   1.41 
  Loss from Discontinued Operations............        (1.05)         (.02)
                                                     -------      --------
  Net Income (Loss)............................      $ (1.96)     $   1.39